Obama taxes show nearly $800K in earnings

President Barack Obama’s tax return shows that he and first lady Michelle Obama earned nearly $800,000 in 2011 and paid a federal income tax rate of 20.5 percent.

The White House released the tax returns of the Obamas as well as those of the vice president and his wife ahead of next Monday’s filing deadline, capping off a week of campaigning for the Buffett rule, which would set a minimum income tax rate of 30 percent for Americans earning more than $1 million annually.

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Obama’s campaign immediately followed the release by calling on Mitt Romney to follow the Democrats’ lead and to release his own tax returns.

The Obamas’ jointly filed tax return reports a total adjusted gross income of $789,674, with just more than half of that income coming from the president’s pre-tax salary of $400,000. The rest came from proceeds of the president’s books. In all, the first couple paid federal income taxes totaling $162,074, plus $31,941 in Illinois state income taxes.

While that’s far above the average American salary, it’s a lot less than in his each of his first two years as president. In 2010, the Obamas reported a gross adjusted income of $1,795,614 and paid federal income taxes of 23 percent. In 2009, they reported a gross adjusted income of $5,505,409, including $1.4 million in Nobel Prize award money.

The Obama team sees income taxes as a vulnerability for Romney as both a personal issue and a matter of policy. Romney’s resistance to releasing his tax returns flared up as an issue during the GOP primary race — at one point even earning him a prodding from the podium by White House press secretary Jay Carney. When Romney finally did release one year’s return, it showed he paid an effective tax rate of 13.9 percent in 2010 on $42 million in income. He was able to cut his tax rate by setting up accounts in the Cayman Islands and taking other measures.

Readers' Comments (188)

WHAT?! The outrage! No tax havens, tax loopholes or offshore bank accounts?? Unlike the Romneys who will do anything to not work and keep as much money as they can that was earned by firing middle class Americans. It is easy to see that Obama is the true BLUE American.

Dynahog don't try and explain to a demo can't they would rather sit on porch and complain all day that us hard working Americans are not paying enough taxes on our income during 60-80hr work week. We need to pay more so they can afford there liqure new rims $200shoes and flat screen

Obozo makes $800,000 and spends trillions, he could be a politician, oh wait he is!! This guy is spending the U.S. into oblivion. All of you people that are his supporters will change you tune when you start paying outrageous amounts for common every day items, it's called inflation, when your dollars aren't worth anything.

Go ahead and blame the rich people that pay your salaries, see what happens when they don't have enough money to make it worth their while to employ you.

A vote for obozo in 2012 is a vote to destroy the United States of America!!!

"The Milionaires, Billionaires et al pay 35% maximum tax rate on income except 15% on long term cap gains."

Yes, which means millionaires and billionaires pay a 15% tax rate on almost all of your money.

You don't get to be a billionaire, or even a millionaire, without making almost all of your money off of investments. Salaries only go so high, no matter how rich and profitable the employer. Profits from investments can be infinitely higher however. The more money you invested into it, the more you get paid. Middle class and poor people can't afford to be investing hundreds of thousands or even millions of dollars into stuff to make the kind of income that Romney gets.

And that's why the tax system is unfair to the poor. Your salaries get taxed more then the investment income rich people make.

If you think that rich people won't invest in businesses just because of a 30% tax rate instead of a 15% tax rate on those profits you're lying to yourself. You still have to earn money and support yourself somehow no matter what the tax rate, and investments will STILL be the way to get much larger amounts of money, not jobs that pay a fixed salary and small amount of cash bonuses.

Earth to Mitt, do not show your Income Tax Returns until Obama allows all of us to see his College records, especially those showing how he was able to pay for that education at Occidental College, Columbia University and Harvard University. Do not show your Income Tax Returns until Obama shows the Soetoro adoption records. Do not show your Income Tax Returns until the Selective Service shows America his original registration form. Do not show your Income Tax Returns until Americans get to view Obama's medical records, he has one big nasty scar on the side of his head, how did it get there? Do not show your Income Tax Returns until Obama shows his Passport records and most importantly do not show your Income Tax Returns until you allow all of us to see the microfilm copy and/or hard copy of your so-called Birth Certificate, the one you are presently flaunting is a forgery.

THE OBAMA'S WANT MITT ROMNEY TO SHOW HIS INCOME TAX RETURNS GOING BACK YEARS. OKAY, HERE IS THE DEAL! Mitt Romney Return For 2010 - Obama's Occidential College Records including how he paid for that education. Mitt Romney Return For 2009 - Obama's Columbia Univ. Records including how he paid for that education. Mitt Romeny Return for 2008 - Obama's Harvard Univ. Records including articles for Harvard Law review and how he paid for that education. Mitt Romney Return for 2007 - Obama's Micofilm of his Birth Certificate and/or Hard Copy for examination by experts. Mitt Romney Return for 2006 - Obama's Original Selective Service Registration Card Mitt Romney Return for 2005 - Obama's Medical Records. How did he get that big ugly horrible looking scar on the side of his head? Mitt Romney Return for 2004 - Obama's Passport Records. Shall we ask for more of Mitt Romney's returns??

His average rate was near 14%. That doesn't mean it is unfair. The 15% tax applies to everyone.

It may "apply" to everyone but 70% of the propulation does not qualify. The 70% only have 401Ks ir IRAs and will be paying taxes on that whenever they start using that "pre-tax" money.

And it is really a good thing when you and your "friends" get together pool your money...hire lobbyist....buy/contribute to congress persons "campaigns" "war chests" and buy your own special tax rate.........

"I'd like Romney to explains what jobs, other than campaign staffers, he created in 2011."

Of course Mitt can do all this by himself - but once he gets elected the older conservative justices can retire and Mitt can make sure the USSC keeps it's conservative majority for the next 30 years. Roe V. Wade will only be the first of the socialist laws the Mitt Court overturns!

"And it is really a good thing when you and your "friends" get together pool your money...hire lobbyist....buy/contribute to congress persons "campaigns" "war chests" and buy your own special tax rate........."

Yes it is - and this is AMERICA - you could have been rich to if you had worked harder. Sorry you are not, but that is no excuse to try and get me and my friends to pay for your laziness!

It may "apply" to everyone but 70% of the propulation does not qualify. The 70% only have 401Ks ir IRAs and will be paying taxes on that whenever they start using that "pre-tax" money.

And it is really a good thing when you and your "friends" get together pool your money...hire lobbyist....buy/contribute to congress persons "campaigns" "war chests" and buy your own special tax rate.........